Fear of Fear Itself; Financial Contagion  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 399 no. 8739 (Jun. 2011), page 26-28.
Topik: Financial Crisis; Europe; Euro Crisis; European Banks; Global Financial System

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.66 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Contagious diseases are usually dealt with by isolating the patient, lest he infect anyone else, and then by trying to treat the illness. Isolation is not always possible with physical ailments; with financial ills, it almost never is. With the Greek government perilously close to default, investors and policymakers are wondering whether European banks have caught something nasty. Many are comparing the choices facing the euro zone and the IMF to those faced by the American Treasury and the Federal Reserve in the days before Lehman Brothers collapsed in 2008, causing a seizure in the global financial system. The comparison is not exact. The Greek government owes more than EUR 300 billion ($435 billion); Lehman's balance-sheet before its failure was $613 billion. The chief difference, though, lies in complexity rather than in scale. Wall Street's fourth-largest investment bank was at the centre of tens of thousands of interconnected trades that were hidden from view and difficult to value. Its fall caused panic because others in the markets had no way of knowing who the counterparties to its trades were and whether Lehman owed them so much that they too might fail.

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